September 5, 2001
TORONTO, Sept. 5 /CNW/ - Kinross Gold Corporation (TSE-K; Amex-KGC) announced today that it has
entered into a support and lock-up agreement with Echo Bay Mines Ltd. (TSE-ECO; Amex-ECO) with
respect to Kinross' holding of 15.8% of Echo Bay's capital securities outstanding. Kinross has agreed to
exchange the Echo Bay capital securities owned by Kinross for approximately 57.1 million common
shares of Echo Bay. Franco-Nevada Mining Corporation Limited (TSE-FN) has also announced that it
has also entered into a support and lock-up agreement with Echo Bay Mines Ltd. on the same terms for
approximately 72% of Echo Bay capital securities. The Echo Bay capital securities owned by Franco-
Nevada and Kinross represent approximately 88% of the outstanding US$100 million of capital
securities. Assuming all holders of Echo Bay capital securities elect to exchange, Kinross would own
11.4 % of the common shares of Echo Bay. Robert M. Buchan, Chairman and CEO of Kinross stated
that "the capital securities of Echo Bay have been held by Kinross as a long-term investment for
several years and as of June 30, 2001 were carried on the Kinross balance sheet at a book value of US
$6.9 million. Upon the closing of the proposed transaction, Kinross will continue to carry the common
shares of Echo Bay on its balance sheet as a long-term investment."
Kinross also announced today that Dundee Securities Corporation has agreed to act as Kinross' agent
in connection with the offering of 2,000,000 flow-through common shares of Kinross at Cdn$1.75 per
share for gross proceeds of Cdn$3,500,000. In consideration for its services as agent, Dundee will
receive a cash commission equal to 5% of the gross proceeds raised in the offering. The transaction is
subject to Kinross obtaining all necessary regulatory approvals and a receipt for a final short form
prospectus qualifying the distribution of the 2,000,000 flow-through common shares. Kinross has
agreed to ensure that the proceeds of the offering will be used to incur Canadian Exploration Expenses
that will qualify as "flow-through mining expenditures" for the purposes of the Income Tax Act
(Canada).
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including
without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives
of Kinross Gold Corporation ("Kinross"), are forward-looking statements that involve various risks and uncertainties. There can be
no assurance that such statements will prove to be accurate and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause actual results to differ materially from Kinross'
expectations are disclosed under the heading "Risk Factors" and elsewhere in Kinross' documents filed from time to time with the
Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.
%SEDAR: 00002968E
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For additional information contact:
Robert M. Buchan
Chairman and Chief Executive Officer
Tel.: (416) 365-5650
Gordon A. McCreary
Vice President, Investor Relations and Corporate Development